Annualised Premium Equivalent (APE) for the quarter rose 10% to ₹5,950 crore. The insurer’s expense of management ratio rose to 11% from 10.57%.
Margins improved on the back of a shift towards high-margin, non-participating products. For the first half of FY26, the Value of New Business (VoNB) grew 14% to ₹2,750 crore, with a VoNB margin of 27.8%, up from 26.8% a year earlier.
“Q2FY26 saw growth along with strategic product mix shifts and strong performance in Individual and group protection segments,” said Amit Jhingran, CEO of SBI Life. “Individual new business premiums gained momentum, shifting towards guaranteed non-par savings and protection solutions.”
Persistency trends were mixed, with the 13th-month persistency improving to 85.37% from 84.16%, while the 61st-month ratio declined to 56.24% from 65.34%. SBI Life shares fell 0.65% to ₹1,840 on BSE when the benchmark index fell 0.41%.